12-222MR ASIC enforcement report - January to June 2012
Tuesday 11 September 2012
ASIC today released the second of its six-monthly enforcement reports, detailing enforcement outcomes achieved by ASIC in the period 1 January 2012 to 30 June 2012.
The report summarises ASIC’s actions against a range of gatekeepers in the Australian financial system, such as financial advisers, auditors and directors.
ASIC Deputy Chairman Belinda Gibson said, ‘While ASIC is focused on proactive regulation to minimise the opportunity for misconduct, our enforcement activities remain an important part of our regulatory approach.’
Gatekeepers who breach the standards expected of them may face serious consequences, including disciplinary action, removal from the industry, monetary fines and in more serious cases, even imprisonment.
The report demonstrates the focus of ASIC on four key attributes of gatekeepers:
be competent to advise
properly manage your conflicts of interest.
Appendix 1 of Report 299 ASIC enforcement outcomes: January to June 2012 (REP 299) provides statistics about ASICs enforcement activities. These figures demonstrate the wide range of activity targeted by ASIC over the six month period.
In the past six months ASIC took successful actions to have 25 directors disqualified from managing corporations following their involvement in two or more failed companies.
The first enforcement report, Report 281 ASIC enforcement outcomes: July to December 2011 (REP 281) is also available.
ASIC is authorised by legislation to take whatever action it can take, and is necessary, to enforce and give effect to the laws of the Commonwealth that confer functions and powers on it. This report summarises key enforcement outcomes achieved by ASIC as part of its legislative mandate.